Property Information

The property is situated in a prominent corner location on Cleveland Terrace at its junction with Gibson Street, in a predominantly residential location in Newbiggin-by-the-Sea.

Tenure

Freehold.

Description

The property comprises two ground floor retail units (part sublet to Wells Pharmacy) with ancillary and staff accommodation to the rear and additional ancillary accommodation on the first floor. The property benefits from on-street parking, with additional public parking at the public library opposite.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor

Use

Floor Areas (Approx)

Tenant

Term

Rent p.a.x

Review

Ground First

Retail/Ancillary (3) Ancillary

150.50 sq m 102.56 sq m

(1,620 sq ft) (1,104 sq ft)

MARTIN McCOLL LIMITED (1)

16.5 years from 21/08/2018 until 20/02/2035 on a full repairing and insuring lease

£33,480 (2)

February 2025 and 5 yearly thereafter. 2% per annum fixed rental uplifts compounded throughout the term

Total

253.06 sq m

(2,724 sq ft)

£33,480 (2)

(1) McColl’s trades from over 1,600 stores throughout the UK. For the year ending 26th November 2017, Martin McColl Limited reported a turnover of £713,391,000, pre-tax profits of £27,168,000 and a total net worth of £42,850,000 (Source: www.mccolls.co.uk and Experian Group 08/01/2019).(2) The current rent passing is £32,500 per annum. The vendor has agreed to adjust the completion monies so that the property will effectively produce £33,480 per annum from completion of the sale until the first rent review in February 2020.(3) Part of the ground floor retail accommodation has been sublet to Bestway National Chemists Limited (t/a Wells Pharmacy) at a sublet rent of £10,500 per annum.